[ad_1]
John Legend is the latest pop star to cash in on the sale of publishing rights to his music catalog.
The R&B singer-songwriter reached a deal with global investment firm KKR & Co. and music company BMG to sell both copyrights and the rights to receive royalties from songs he wrote beginning in 2004.
Terms of the deal were not disclosed. Filings indicate that the agreement was consummated in September.
DL Music IP LP, which is affiliated with KKR Credit Advisors LLC, and BMG Rights Management will each own a 50 percent stake in the catalog, according to Bloomberg.
KKR and BMG partnered up last month to acquire the music rights to rock group ZZ Top.
Legend’s business relationship with BMG began in 2010 when the company acquired his music publisher, Cherry Lane Music Publishing Co.
News of Legend’s sale of his catalog comes just a month after Bruce Springsteen sold his music rights to Sony Music Entertainment for a whopping $550 million.
The deal surpassed Bob Dylan’s blockbuster $400 million sale of the rights to his work to Universal Music Group.
Legend, 43, is much younger than the 72-year-old Springsteen and the 80-year-old Dylan, so KKR and BMG could capitalize on streaming royalties generated by the hitmaker.
Legend is estimated to rake in between $50 million and $100 million annually from his businesses, according to Variety.
In addition to a successful music career, Legend has branched out into producing television shows for Netflix and ABC. He is also the owner of a Napa Valley wine brand.
Born John Roger Stephens, Legend hit stardom with his debut album “Get Lifted” in 2004.
Since then, he has sold at least 10 million albums worldwide and garnered several honors, including 12 Grammy Awards, a Tony Award, a Golden Globe Award, and an Academy Award.
[ad_2]